Bitcoin News Today: Bitcoin's $83K Crucible: Whales' Surge Fuels Bullish Bets

Bitcoin Whale Activity Surges: Why Analyst Calls Pullback to $83K "Bullish"

Bitcoin whale activity has spiked in recent weeks, with large holders transferring over 102,900 transactions above $100,000 and 29,000 above $1 million, according to blockchain analytics firm Santiment. This surge in movement has drawn attention from traders and analysts, who are interpreting the data as a sign of shifting behavior from selling to accumulation. The pattern follows a broader six-week decline in Bitcoin's price, which has since stabilized above $92,000.

Technical analysts are highlighting the $83,000 level as a critical pivot point during the ongoing corrective phase.

The Long Investor, a prominent crypto analyst, described the recent pullback as part of a standard wave structure, where Bitcoin's price reached the 1.618 Fibonacci extension near $125,000 before retreating. "This structure has been perfect for $BTC, and you should be getting more bullish towards $83K," he said. This level, often a re-accumulation zone in previous cycles, could signal a potential floor for the market if selling pressure eases.

The surge in whale activity aligns with broader market dynamics. Funding rates in derivatives markets have remained neutral, as heavy spot selling has kept futures prices in line with the underlying asset. Daan Crypto Trades, a derivatives strategist, noted that this balance limits extreme negative funding prints, which typically precede rapid reversals. Meanwhile, daily trading volumes have exceeded $83 billion, indicating active participation despite the drawdown.

Market participants are also monitoring late-stage profit-taking by long-term holders, a phenomenon described by blockchain analytics firm Glassnode as standard behavior in bull cycles. Daily outflows from whale addresses have averaged 26,000 BTC, up from 12,000 in early July, reflecting structured distribution rather than panic selling. Analysts at Kronos Research argue that these patterns suggest a resilient cycle, with net unrealized profit ratios hovering near 0.476-a level historically associated with stabilization.

The broader crypto market has faced headwinds, with investment products recording $2 billion in outflows last week-the largest since February 2025 according to Seeking Alpha. Bitcoin and Ethereum ETFs accounted for the bulk of these withdrawals, as investors reacted to macroeconomic uncertainty and crypto-native selling. However, institutional adoption continues to grow, with 21Shares launching a spot Solana ETF with $100 million in assets under management. Such developments underscore the maturation of crypto markets, where retail and institutional flows increasingly intersect.

Despite the volatility, some analysts remain cautiously optimistic. Deutsche Bank upgraded Bullish, a crypto exchange platform, to "Buy" from "Hold" after the company reported record Q3 earnings. While Bullish's stock has fallen nearly 40% since its August IPO, the firm's institutional trading volumes and options desk performance have shown resilience. The upgrade reflects confidence in the company's ability to navigate the current downturn, though reduced price targets highlight lingering risks.

As Bitcoin consolidates near $92,000, the focus remains on whether spot flows will stabilize to support a stronger rebound. Whale inflows, tempered derivatives activity, and institutional adoption are key variables in this equation. For now, the $83,000 Fibonacci level looms as a critical test for bulls, with analysts suggesting that a successful defense could re-ignite the upward trajectory seen earlier in the year.